Independent Banker - September 2021 - 47

" Every single person
at the bank committed
their days and
nights to ensuring
we could stand up
a program that was
safe and reliable and
could serve as many
small businesses as
possible. "
-PHIL GOLDFEDER, CROSS RIVER BANK
March 27, 2020, and the official PPP
application opening date of April 4.
The community bank worked with
its technology partners to make sure
the portal could handle the expected
surge of applications with appropriate
safety checks and systems. Among
other elements, Cross River Bank
integrated technology from the fintech
Ocrolus, which automated review of
bank statements, payroll data and
other documentation from applicants.
Championing community banking
When the date arrived, Cross River
Bank was ready. " We stood this up
from zero to fully operational in two
weeks, " Goldfeder says. " Every single
person at the bank committed their
days and nights to ensuring we could
stand up a program that was safe
and reliable and could serve as many
small businesses as possible. And
this was at a time when there was so
much uncertainty in so many peoples'
own lives. They were transitioning
Cross River Bank, represented by Phil
Goldfeder, senior vice president of global
public affairs; Gilles Gade, CEO; and Jesse
Honigberg, senior vice president and
technology chief of staff, connects tech
companies with bank services, relationships
that proved useful during the Paycheck
Protection Program.
Many customers found Cross
River Bank's portal just by searching
online, Goldfeder says. Few banks
offered PPPs to as broad a market as
the bank, so thousands of business
owners across the country who lacked
an existing banking relationship
turned to Cross River.
The average PPP loan it provided
was just $27,000. " Regardless of
how big or small, we treated them
all the same and knew it was our
responsibility to serve them, "
Goldfeder says.
to working from home, they were
concerned about the economy, they
were concerned about health. Even
with all that going on, our amazing
employees said, 'We have the
responsibility to serve the American
business community with the PPP.' "
To promote the program, the
community bank primarily relied on
its fintech partners. In addition to the
online loan platforms the bank serves,
it partners with companies, such
as online payroll processor Gusto,
QuickBooks provider Intuit and
expense management platform Divvy.
These companies alerted their small
business customers to the bank's PPP
work-and applications flowed in.
Cross River provided more
than PPP loans to its customers.
It also partnered with community
organizations, chambers of commerce
and elected officials to provide
financial coaching and literacy
education to small business customers
and the greater community. The
training, which continues, has
included webinars, other online
resources and in-person coaching.
" At its core, the PPP [showed] what
Cross River is all about, " Goldfeder
says. " We talk about our need to
give back, and everything else comes
second. This is what community
banks do, and we're proud of that. "
Ed Avis is a writer in Illinois.
independentbanker.org Q 47
http://www.independentbanker.org
Independent Banker - September 2021

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